A new report by Re:Common and Counter Balance investigates the Althelia Climate Fund and its investment in a REDD project in Kenya. The report highlights the findings of a July 2016 visit to the Kasigau Corridor REDD+ project area in Kenya.
On 13 June 2013, the European Investment Bank agreed to give up to €25 million to Athelia Climate Fund. This is the first time that the European Investment Bank has funded a European carbon fund. It is also the first time that the EIB has supported REDD, and it is doing so through a financial intermediary.
This is a story about how a pensioner was scammed into buying carbon credits as an investment. Miriam contacted REDD-Monitor in August 2014, to ask whether her 4,000 carbon credits were worth anything. She told me that 360 Invest Group had persuaded her to buy the carbon credits and that she’d paid the money to a firm of solicitors, Colemans-CTTS LLP, in Kingston upon Thames.
This is Andy. He’s 66 and he worked all his life as a mechanic. He hasn’t got a pension fund, but he saved up £37,000. Until, that is, a company called 360 Invest Group persuaded him to “invest” the money in carbon credits. 360 Invest Group promised him he a minimum 10% return in the first year. Unfortunately, it didn’t work out like that.
Meet Carbon-ex S.à r.l. “With 30 years bluechip experience, we are an industry-leader in trading carbon credits.” According to its website, that is. Unfortunately, the company’s website provides no information about its 30 years bluechip experience. Carbon-ex was incorporated in Luxembourg in October 2010. And the company’s website was registered only two years ago.